A Tractable Alternative to Cobb-Douglas Utility for Imperfect Competition.
This paper proposes a tractable alternative to Cobb-Douglas utility to resolve the problems of lack of reservation price and income effects in demand functions derived from Cobb-Douglas utility or quasilinear utility. Another advantage of this alternative is that it provides a closed-form general equilibrium in the case where some industries are monopoly while others are imperfectly competitive. Copyright 2001 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia
Year of publication: |
2001
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Authors: | Yin, Xiangkang |
Published in: |
Australian Economic Papers. - Wiley Blackwell. - Vol. 40.2001, 1, p. 14-21
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Publisher: |
Wiley Blackwell |
Saved in:
freely available
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